7055 Van Buren St · Merrillville, IN 46410

$259,500

4 bd · 2.0 ba · 2,004 sqft · SingleFamily public records · 27 Days on market

Built 1966 8,625 sqft lot Est $275k · 5% under

---

Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.6/30.0
• ARV discount +10.0/15.0
• DSCR +8.5/10.0
• 1% rule +5.7/10.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this well-maintained 1966 bi-level home offering space, versatility, and timeless character that sits in a cul-de-sac. Lower level recently renovated with a large family room, downstairs kitchen with a brand new refrigerator, laundry room, bedroom, and second living room that leads out to the large backyard. The lower level is perfect for extended family, recreation, a home office, or potential related living arrangements. The main level holds the upstairs kitchen with three bedrooms and a large family room. House is being sold AS IS. Do not miss this great opportunity to own!

Key facts

• Large family room
• Upstairs kitchen
• Large backyard

Tags

• RECENTLY RENOVATED
• LARGE FAMILY ROOM
• DOWNSTAIRS KITCHEN
• LARGE BACKYARD
• UPSTAIRS KITCHEN

Property features AI

Exterior

• Parking: Driveway; 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family property; Bi-level / lower-level living areas; Built in 1966
• Construction: Built in 1966
• Exterior features: Neighborhood view; Shed(s) on property

Interior

• Kitchen: Gas range; Microwave; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4
• Bathrooms: 2 full bathrooms
• Interior features: Ceiling fans; In-law floorplan; Additional interior features
• Laundry & utility: Laundry room with sink on lower level; Washer and dryer included

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $260k.

Deal economics

• At list price, monthly cash flow is $610 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Recommended offer: $256k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 4.7% in Merrillville — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 76/100 on livability (#50 in IN, #3,393 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, amenities F, health & safety D-.
• Merrillville Community School Corporation (suburban): math 22% / reading 36% proficiency, ranked #240 of 301 in IN (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+4.1%/yr); 264 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $2,778/mo this rent would consume 52% of the median local household income ($64k/yr) (locally 1644% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $73k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($256k) is reasonable based on typical stale-listing flexibility.

Recommended offer $255,607 (1.5% below list)

Questions for the listing agent

1. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.07% ✓
• Cap rate: 9.11%
• Cash-on-cash: 10.08%
• DSCR: 1.45
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $274,548
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
815 W 70th Ave	0.22mi	4/2.0	1,850 (-8%)	1mo	$337,000	$182	76
6810 Van Buren St	0.32mi	4/2.0	2,128 (+6%)	2mo	$243,000	$114	74
7216 Pierce St	0.40mi	3/2.0 (-1)	2,060 (+3%)	1mo	$273,900	$133	71
1429 W 74th Pl	0.68mi	3/2.5 (-1)	1,945 (-3%)	2mo	$285,000	$147	55
1136 W 72nd Cir	0.47mi	4/2.0	2,216 (+11%)	7mo	$299,900	$135	55
1110 W 72nd Cir	0.43mi	3/2.0 (-1)	1,768 (-12%)	1mo	$295,000	$167	55
7220 Tyler Ct	0.33mi	5/2.0 (+1)	2,250 (+12%)	6mo	$274,900	$122	55
919 W 69th Pl	0.34mi	5/2.0 (+1)	1,728 (-14%)	2mo	$298,000	$172	54
1130 W 72nd Ct	0.44mi	3/2.5 (-1)	1,788 (-11%)	4mo	$245,000	$137	51
6927 Delaware St	0.72mi	3/1.0 (-1)	1,940 (-3%)	2mo	$120,000	$62	50
1525 W 74th Pl	0.71mi	4/2.0	1,816 (-9%)	7mo	$295,000	$162	45
7145 Delaware St	0.73mi	3/1.0 (-1)	1,748 (-13%)	6mo	$228,000	$130	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.1% rent growth · sell at horizon

5-year hold

• IRR: -0.1%
• Equity multiple: 1.00×
• Total profit: $-174
• Equity at exit: $38,692

10-year hold

• IRR: 10.6%
• Equity multiple: 1.86×
• Total profit: $62,571
• Equity at exit: $22,437

Cash invested: $72,660 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 46410

• Rents YoY: 4.1%
• Active inventory: 264
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,778 medium
• Mortgage (P&I): −$1,361
• Tax from tax record: −$115 /mo · $1,385/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$583
• Net cashflow: $610

Break-even live

Break-even rent $2,006

Max offer price $259,500

Occupancy floor 73%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $64,875
• Closing costs: $7,785
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
330 E 69th Pl Merrillville, IN	3.0	1.5	1482	$1,850	$1.25	2d	1	0.66mi
1865 W 64th Pl Merrillville, IN	4.0	2.0	2034	$4,900	$2.41	43d	1	1.08mi

Listing history 17 events

1. 2026-06-18
   status $259,500 Pending 27 DOM
2. 2026-06-18
   days on market $259,500 Active 27 DOM
3. 2026-06-17
   days on market $259,500 Active 26 DOM
4. 2026-06-16
   days on market $259,500 Active 25 DOM
5. 2026-06-15
   days on market $259,500 Active 24 DOM
6. 2026-06-13
   days on market $259,500 Active 22 DOM
7. 2026-06-13
   days on market $259,500 Active 21 DOM
8. 2026-06-09
   days on market $259,500 Active 18 DOM
9. 2026-06-08
   days on market $259,500 Active 17 DOM
10. 2026-06-08
    price $259,500 Active 16 DOM
11. 2026-06-07
    days on market $264,500 Active 16 DOM
12. 2026-06-04
    days on market $264,500 Active 13 DOM
13. 2026-06-03
    days on market $264,500 Active 12 DOM
14. 2026-06-02
    days on market $264,500 Active 11 DOM
15. 2026-06-01
    days on market $264,500 Active 10 DOM
16. 2026-05-31
    days on market $264,500 Active 9 DOM
17. 2026-05-22
    listed $264,500 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $1,385 · $115/mo
• Projected year-2 tax: $1,795 · $150/mo
• Expected delta: +$410/yr (+$34/mo · 29.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,333
• − Mortgage interest: −$14,536
• − Property taxes: −$1,385
• − Insurance: −$1,298
• − Repairs & maintenance: −$2,667
• − Management: −$2,667
• − Depreciation: −$7,549
• Taxable income: $3,232
• Est. tax owed @ 24.0%: −$776
• After-tax cash flow: $6,545/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Merrillville Community School Corporation
• NCES district ID: 1809690
• Math proficiency: 22% ▼ -17.00%
• Reading proficiency: 36% ▼ -8.00%
• Median HH income: $54,401
• Composite: 25.74/100
• National rank: #7375
• State rank: #240 of 301 in IN

Livability — Merrillville

• Score: 76/100
• State rank: #50
• US rank: #3393

Category grades

Amenities F Commute A+ Cost of living A+ Crime B- Employment C+ Housing A+ Health & safety D- User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Merrillville, IN
• County: Lake County · 422,878 people
• City population: 39,243
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 39,243
• Household income: $64,127
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 1644.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 484,026 people
• By 2030: 478,091 · -1.2%
• By 2040: 462,974 · -4.3%
• By 2050: 449,894 · -7.1%
• By 2075: 436,169 · -9.9%
• By 2100: 426,607 · -11.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Black 46% White 32% Hispanic / Latino 16% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 11% Puerto Rican 3%
• Common ancestry: Romanian 4% Iranian 2% Italian 1%
• Foreign-born: 7% · Canada
• Languages at home: 88% English-only · Spanish 7% Other Indo-European 2%

Political lean MEDSL · Lake

• 2024 margin: Lean D (+5.6) · D 52.1% · R 46.5% · Other 1.5%
• 2008→2024 swing: -28.6pp toward R · 2008: 34.3pp · 2024: 5.6pp
• All cycles: 2024: D+5.6 2020: D+15.1 2016: D+20.6 2012: D+31.0 2008: D+34.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -180.11%
• Current HPI: 240.8833
• Rent YoY: ▲ 4.10%
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

1 event — show timeline

• 2026-05-22 Listed $264,500 NIRA MLS as Distributed by MLS Grid

Property tax history

+3.6%/yr

Latest (2024): $1,385 · +8.8% YoY. Source: county tax records.